Engagement with the Revenue Commissioners
Revenue has provided COVID-19 information and advice for taxpayers and agents experiencing difficulties caused by the impacts of COVID-19. Revenue is committed to working with taxpayers and early engagement is advised.
Revenue has also issued updated advice to SMEs experiencing cash flow difficulties arising from COVID-19. This includes information on tax returns, late payment interest, debt enforcement and tax clearance.
Companies Registration Office – Deadlines
The Companies Registration Office has introduced changes to annual filing obligations for companies to assist companies during the COVID-19 crisis. This includes the deferment of CRO deadlines to 30 June 2020. We advise calling us or the CRO to clarify what deadline you must meet to avoid late filing penalties which include loss of audit exemption and late filing fees.
Government Wage Subsidy Scheme
The COVID-19 Wage Subsidy Scheme enables employees, whose employers are affected by the pandemic, to receive significant supports directly from their employer through the payroll system. The scheme is operated by Revenue and is expected to last 12 weeks from 26 March 2020.
This support is designed to maintain the link between employer and employee where an employer is having difficulty meeting their payroll commitments. There are however strict criteria to meet and we advise clients to review in detail the criteria guidelines (Employer Eligibility document) and if needed to contact us for advice for your particular situation.
Pandemic Unemployment Benefit
The COVID-19 Pandemic Unemployment Payment is a payment of €350 per week. It is available to all employees and the self-employed who have lost their job due to the COVID-19 pandemic. MyWelfare.ie is the quickest and easiest way to apply for payments – all you need is your email address, PPSN and bank account details.
On MyWelfare.ie all customers can
- apply for the Covid-19 Pandemic Unemployment Payment
- apply for Enhanced Illness Benefit for COVID-19 including for self-isolation cases
- apply for a jobseeker’s payment
- request to close their Covid-19 Pandemic Unemployment Payment.
Local Enterprise Loans
Microenterprises can access COVID-19 loans of up to €50,000 from MicroFinance Ireland. The terms include a six months interest-free and repayment free moratorium, with the loan to then be repaid over the remaining 30 months of the 36-month loan period. Loans are available at an interest rate of between 6.8% and 7.8%.
SBCI Government-Backed Loans
The €200m SBCI COVID-19 Working Capital Scheme for eligible businesses supports loans from €25,000 up to €1.5 million (first €500,000 unsecured) with a maximum interest rate of 4%. Applications can be made through the SBCI website at sbci.gov.ie.
Business Continuity Voucher
The Local Enterprise Office Business Continuity Voucher is designed for businesses across every sector that employs up to 50 people. The voucher is worth up to €2,500 in third party consultancy costs and can be used by companies and sole traders to develop short-term and long-term strategies to respond to the Covid-19 pandemic.
Business Financial Planning Grant
Enterprise Ireland has a new €5,000 Covid-19 Business Financial Planning Grant to help companies prepare financial plans for their internal needs, banks and the SBCI, as well as strategic consultancy grants and other supports.
For further information on the supports outlined here or for any queries you may have, email the Business Response Unit at firstname.lastname@example.org or phone +353 1 727 2088
Lean Business Continuity Voucher
The Enterprise Ireland Lean Business Continuity Voucher is available to eligible companies to access up to €2,500 in training or advisory services support related to the continued operation of their businesses during the current pandemic. email the Lean & Operational Excellence team in Enterprise Ireland at email@example.com
Commercial Rates Deferral
The government has agreed to support for businesses impacted by COVID-19 through commercial rates deferral.
Bord Bia Marketing Grant Scheme
Bord Bia is widening its marketing grants schemes in response to difficulties companies are facing as a result of the COVID-19 crisis with the introduction of its COVID Response Marketing Support Package.